Credit Ready Checklist

The Credit-Ready Checklist is a resource that developers can use to prepare their projects to shop around to funders. The items in the checklist capture the typical information and documents prospective community-benefiting solar developers must compile and share with capital providers through the due diligence process.

Developers: Capital providers will often be willing to speak with you before you have 100% of the items in the checklist completed. These items comprise an in-depth process that is to be achieved over time.

While no two capital providers will require exactly the same information, the information included here should account for most of any project's required details and documentation.

Technical assistance is available to help you complete the items in the checklist. Contact CommunityPower@nrel.gov to request assistance 

Directions 

Use the checklist to track your project's progress. For help or further details on the checklist items, refer to the Credit Ready Checklist Help document.

🔲 Project Summary

The team has fully designed all the details of the project. 

🔲 Site Control

The team has site control or a document executed by the site owner articulating intent to provide site control for the project once certain conditions are met. 

🔲 Permitting

The team has identified all the ministerial and non-ministerial permits (municipal, county, state, etc.) the team will require as well as the pipeline to secure them: 

• A list of each required permit with a source citation andURL linking to details of permit requirements.
• Any significant impediments (including costs) the teamexpects to encounter in their pursuit of such permits.
• Estimated permitting timeline for approval. 

🔲 Interconnection

The team has communicated with the distribution utility and identified: 

• All requirements the team will need to complete to submit for and receive interconnection approval. 
• Any significant impediments (including costs) the team expects to encounter in their pursuit of an interconnection agreement. 
• Estimated interconnection timeline for approval and receipt of permission to operate (PTO), (including wait periods) after planned submission of application. 

🔲 Current Phase

The project is in pre-construction phase. 

🔲 Ownership Structure

The team has developed a coherent, viable ownership model in comportment with all applicable laws and regulations for their project. 

🔲 Key Team Members' Roles

The team has identified each key organization's role in the project (aside from the ownership) and the project's revenue model, as well as the roles of any individuals or organizations playing a significant role in ensuring the project's success.

🔲 Pro Forma

The team has a detailed pro forma that "pencils out." 

🔲 Planned Fund Sources

The team clearly and concisely demonstrates all planned initial funding sources.

🔲 Secured Fund Sources

The team can provide documentation to concisely demonstrate all planned initial funding sources that have already been secured.

🔲 Incentives

The team can clearly and concisely demonstrate the state and federal incentives and revenues.

🔲 Construction

The team can clearly and concisely demonstrate their construction and development plan and the costs and timeline associated. 

🔲 Operations and Maintenance

The team can clearly and concisely demonstrate their long-term operations and maintenance plan and the associated costs.

🔲 Interconnection

The team has a good faith estimate for interconnection cost.

🔲 Other Capital Costs

The team has developed a coherent and realistic model of the expected costs of other working capital costs (Legal, Accounting, HR, etc.) 

🔲 Lease

The team has a good faith estimate for any site lease or site option costs. 

🔲 Taxes

The team has identified any relevant tax burdens such as property and sales taxes. 

🔲 Clear Business Model

The team has a clear, viable plan for revenue generation, energy and energy-cost savings, and business model in general (to include how any relevant meaningful benefits are incorporated into the model). 

🔲 Subscriber Management

If applicable, the team has a clear, realistic subscriber/beneficiary acquisition and management strategy and timeline.

🔲 Incentives and Regulations

What specific legal, regulatory, and utility policies enable the team's business model? (Include net metering, REC markets, and other regimes).

🔲 Collateral

If the team has collateral for the project, documentation can be provided. 

🔲 Guarantee

If the project has a guarantee, documentation can be provided.

🔲 Risks

The team has identified all major risks and mitigation measures. 

🔲 Community Support

The team can demonstrate support from key actors in the community.

🔲 Equitable Access

The project is targeting this benefit: 50% of the benefits or value of the electricity produced must be reserved for low- to moderate-income (LMI) beneficiaries. Where appropriate, contract terms support strong consumer protections, such as: No upfront fees or deposits, no termination fees, and/or no late fees. Projects also support inclusive community outreach and education.

🔲 Household Savings

The project is targeting this benefit: Projects reduce electricity bills for LMI households a minimum of 20%, and/or provide equivalent financial or in-kind benefit for all residential subscribers or beneficiaries. Where relevant, subscription or other fees cannot decrease the net savings.

🔲 Storage and Resilience

The project is targeting this benefit: Projects include battery energy storage systems (BESS), virtual power plants (VPPs), or micrograms and provide system details including: sizing, critical load capacity, time served during potential outage, and VPP-ready technologies.

Projects include the capability to deliver power to households and/or critical facilities during a grid outage and/or strengthen grid operations through demand response and other actions.

🔲 Community-Led Development

The project is targeting this benefit: Projects demonstrate innovative community ownership models or governance structures. Projects include additional wealth building opportunities, and/or establishment of Community Benefits Agreements, and/or other additional economic value to the community.

🔲 Workforce Development

The project is targeting this benefit: Projects support community workforce development by advancing high-wage opportunities and entrepreneurship, reducing income disparities across demographic groups, ensuring a trained and available workforce that is reflective of the community, and creating a safe working environment and pathways to union membership.

Projects also build trust and strengthen relationships with minority- and women-owned businesses.